The sharp fall in inflation is good news for real wages, which we estimate are growing at ~3% in April.

That's above pre-pandemic levels - and very good news.

Gregory Thwaites explains how wages are growing while productivity falls ⤵️ x.com/resfoundation/…

The political problem with high inflation, acc to Chris Giles :

If a workers gets a big pay rise during a period of high inflation, it's due to their hard work. But that same high inflation is the fault of the government.

It's hard to win voters during an inflation shock...

Inevitably we'll be covering what does today's inflation data tell us about the prospects for a snap election... It'll be more interesting than staring at twitter for hours until you do/dont get white smoke from No10 late afternoon

Inflation is back to within touching distance of the Bank of England's 2 per cent target – phew! 😅

But the UK's inflation shock will cast a long shadow.

Get the breakdown from Torsten Bell ⤵️ resolutionfoundation.org/comment/the-en…

While there's good news about the fall in overall inflation, there are other more worrying indications.

Services inflation (the Bank of England's key metric of underlying inflation) came in at 5.9 per cent, higher than expected.

Everything you need to know about today’s inflation release